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A Selective Systematic Review and Bibliometric Analysis of Gender and Financial Literacy Research in Developing Countries

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  • Carol Wangari Maina

    (Doctoral School of Economics and Regional Sciences, Hungarian University of Agriculture and Life Sciences, 7400 Guba Sandor Street, 2100 Kaposvar, Hungary)

  • Diána Koponicsné Györke

    (Institute of Rural Development and Sustainable Economy, Hungarian University of Agriculture and Life Sciences, 7400 Guba Sandor Street, 2100 Kaposvar, Hungary)

Abstract

Disparities in financial literacy between males and females pose significant challenges in the developing world, particularly in terms of banking sector participation and economic engagement. Women, in particular, face greater difficulties in managing personal and household income due to lower financial literacy levels compared to men. This research aims to analyze the causes, effects, and potential measures to address these disparities, situating the discussion within socio-cultural, educational, and economic contexts. A systematic review and bibliometric analysis were conducted to examine relevant studies, with Open Alex serving as the primary database. The search was conducted from 2010 to 2024. Initially, 1620 papers were identified and through stringent inclusion criteria following PRISMA guidelines, 193 studies were selected for the final review. The study employed bibliometric techniques such as co-authorship, keywords analysis, and citation analysis to identify key topics, contributors, and research gaps in the literature. The findings reveal that socio-cultural practices, a lack of resources, and low income levels significantly contribute to women’s financial illiteracy. Furthermore, the research underscores the increasing recognition of the importance of adopting a gender-sensitive approach to financial literacy. These disparities limit women’s decision-making power and exacerbate socio-economic imbalances in developing countries. This study offers valuable implications for policy and practice, advocating for targeted interventions to enhance women’s financial literacy and economic participation. The results emphasize the need for differentiated strategies and provide a foundation for future research focused on closing the gender gap in financial competence and economic empowerment.

Suggested Citation

  • Carol Wangari Maina & Diána Koponicsné Györke, 2025. "A Selective Systematic Review and Bibliometric Analysis of Gender and Financial Literacy Research in Developing Countries," JRFM, MDPI, vol. 18(3), pages 1-19, March.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:3:p:145-:d:1609005
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    References listed on IDEAS

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    1. Grohmann, Antonia, 2018. "Financial literacy and financial behavior: Evidence from the emerging Asian middle class," Pacific-Basin Finance Journal, Elsevier, vol. 48(C), pages 129-143.
    2. David Blake, 2022. "Nudges and Networks: How to Use Behavioural Economics to Improve the Life Cycle Savings-Consumption Balance," JRFM, MDPI, vol. 15(5), pages 1-17, May.
    3. Ghosh, Saibal & Vinod, D., 2017. "What Constrains Financial Inclusion for Women? Evidence from Indian Micro data," World Development, Elsevier, vol. 92(C), pages 60-81.
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